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. Last Updated: 07/27/2016

Russia to Become 'Major' Oil Consumer

PARIS — Ibrahim al-Muhanna, an adviser to Saudi Arabia’s Petroleum Ministry, said India, Russia and Brazil would become “major” oil consumers over this decade and that the share of Saudi crude shipped to Europe will decrease.

“Within 10 years, if the trend of current economic growth continues, there are likely to be three additional major consumption centers: India, Russia and Brazil,” al-Muhanna said. “International oil demand will become more highly diversified.”

Oil futures have rebounded 70 percent over the past year on confidence that the economic recovery will boost demand. On April 13, the International Energy Agency raised its 2010 global oil consumption forecast by 30,000 barrels a day to 86.6 million a day, citing demand in North America and the Asia-Pacific region. The Organization of Petroleum Exporting Countries said April 14 that Brazil and Russia would continue to drive growth.